Principal Street Partners LLC Cuts Holdings in Corning Incorporated (NYSE:GLW)

Principal Street Partners LLC lowered its position in Corning Incorporated (NYSE:GLW) by 32.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 140,379 shares of the electronics maker’s stock after selling 66,236 shares during the period. Corning comprises approximately 1.0% of Principal Street Partners LLC’s investment portfolio, making the stock its 28th biggest position. Principal Street Partners LLC’s holdings in Corning were worth $6,338,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. FMR LLC increased its position in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC grew its stake in Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after acquiring an additional 1,026,626 shares during the period. Shellback Capital LP purchased a new stake in Corning in the 2nd quarter worth $34,483,000. Finally, Conning Inc. raised its position in Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after acquiring an additional 875,008 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.5 %

Shares of GLW stock opened at $48.26 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The company’s 50-day moving average price is $46.43 and its 200-day moving average price is $42.18. The stock has a market cap of $41.32 billion, a price-to-earnings ratio of 284.06, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. As a group, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning’s dividend payout ratio (DPR) is 658.82%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.45% of the company’s stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.